Bloomberg Markets Bloomberg September 15, 2016 12:01pm-12:52pm EDT
the economy will average 3.5% growth and create a total of 25 million new jobs. you can visit our website. just look at the math. it works. this growth means that our jobs and plans, including our child care reforms that ivanka trump, my daughter, are so involved in will be completely paid for in combination with proposed budget savings. it will be deficit neutral. if we reach 4% growth, it will reduce the deficit. it will be accomplished through tax,plete overhaul of our regulatory, energy and trade
policies. right now, under the obama/clinton policies, the economy grew only 111% less order your and number that was shocking to people that do this professionally and for life. it translates into millions of lost jobs and certainly millions of lost good jobs. because we don't have good jobs anymore. those jobs are gone and going. this is the weakest so-called recovery since the great depression. over the last seven years, the economy only grew 2.1%, the 7-0 -- period in 70 -- 70 years. under reagan, it would have
meant 10 million more jobs.
perhaps most shockingly, one in six men aged 18 to 34 are
either in jail or out of work. meanwhile, another 2 million hispanic americans have been added to the ranks of those in poverty. on top of it all, the obama/clinton policies have doubled the national debt. it took more than 230 years for the united states to accumulate its first $10 trillion in debt. it took president less than eight years to add another $10 trillion. now, it would be one thing if that money had been used to completely rebuild our nation, our military, our infrastructure. but that didn't happen. instead, the opposite happened.
and, ined our debt return, we have dilapidated infrastructure, failing schools, a badly depleted military, greatest people on earth and they have a badly depleted military, its equipment old and tired. and another 14 million people who have left the workforce. soer has so much money but poorly and so unwisely. but we are going to turn that all around and here is how. it begins with bold, new tax reform. don't worry. they are going down, not up. they are going down. people were concerned they were going up there it -- going up. deeply code would be reduced and reduce the tax
brackets from seven to three. the new brackets will be 12, 25 and 33%. playncome americans will -- will pay knowing come tax at all parent our plan will remove millions and millions of workers from the income tax role entirely so that all of that work that we do in washington can be discontinued. tax, but they will pay tax when they start making a certain amount of income. , streamliningtes deductions, and simple find the process, we will add millions and millions of new jobs. in addition, because we have strongly capped deductions for the wealthy and closed special-interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer. they will receive the biggest benefit and they won't even be close.
they have been forgotten. we are not going to forget them. they have built our country. we will not forget. thank you. this is a working and middle-class tax relief proposal. relief for these workers will be expanded by my child care proposals that i have worked on with my daughter ivanka. these proposals are central and are very, very powerful central element of our company tax reform and economic growth plan. be able to fully deduct the average cost of childcare from their taxes, including stay-at-home parents. because this deduction is capped , it will be disproportionately and it will benefit working and middle-class families. got to take care of our middle-class families.
largers you make, the share of your income you can exclude from taxation. parents will also be able to enroll a tax-free, dependent care savings account for their children or elderly relatives. low income households will benefit from both an expanded earned income tax credit in the form of childcare rebates and a matching $500 contribution further savings account. a married couple earning $50,000 per year with two children and 8000 dollars in child care expenses will save 35% from their current tax bill. that is a tremendous savings. and they'll have a better life. a married couple earning $75,000 per year with two children and $10,000 in child care, expenses will receive a 30% reduction in
their tax bill. by contrast, someone earning $5 million, like the people in this room, will receive virtually no change in their tax bill at all. one of our greatest job creation our 15% is going to be business tact rate, down from the current 35% rate, a reduction of more than 40%. i know that is what you people have been winning four. in explosion of new jobs. amazing.e you watch. it will happen. we will allow united states-based manufacturers to fully expense new plants and
equipment. big, big deal. on top of that, we will bring back trillions in business wealth and this is wealth that parked overseas -- overseas. no one knows how much it is. some people think it is $2.5 trillion. i think it is more like $5 trillion. they will be able to bring it back at a rate of only 10% instead of 35%. and who would bring it back at 35%? obviously nobody, because nobody is doing it. i think it is going to be something that will be so phenomenal, far beyond what people even think he erred by taxing it at 10% instead of 35%, all of this money will come roaring back into our country and lots of good things will start to happen. we will turn america into a new magnet for new jobs and that means jobs in our poorest communities.
so important. companiesnow, we have leaving the country because taxes are too high. but we actually have countries leaving -- companies leaving the country to get their money. and that's a first. nobody believes it, but that's happened. next, regulations. one of the keys of unlocking growth is scaling back years of disastrous regulations, unilaterally imposed by out-of-control the aircraft. regulations -- out-of-control bureaucrats. the regulation industry is one business i will absolutely put to an end day 1. in 2015 alone, federal agencies 3300 final rules and
regulations, up from 2400 the prior year. every year, over regulation costs our economy two dollars trillion a year and reduces -- $2 trillion a year and reduces household wealth by $15,000. i propose a moratorium on new federal regulations that are not compelled by congress or public safety. and i will eliminate all needless and job only regulations now on the books. and there are plenty of them. this includes eliminating some of our most intrusive borders of, like the the u.s. rule. it also means scrapping the epa so-called clean power plan which would cost $7.2 billion a year. obama/clinton directive will show done most, if not all, coal-powered electricity plants.
all over the country, they are shutting down. hillary clinton said. she wants to shut down the minors, just like she wants to the steel mills and the steelworkers and we are not going to let that happen. we are going to put our great miners and our steelworkers back to work. energy reform is central to our plan as well. according to heritage foundation, by 2030, president obama's energy restrictions will eliminate another half a million manufacturing, reduce economic output by $2.5 trillion and reduce incomes by $7,000 per person. you have workers and i see them all the time and i meet them all the time and they are part of this massive group of people that have just come onto the -- to this movement to that you have workers making
less money today than they made 18 years ago in real wages. working much harder, oftentimes because of the disastrous obamacare that we are going to repeal and replace. oftentimes, they are working two jobs. so they are working harder, they are older, and they are making less. like me. i'm working harder than i've ever worked also. but nobody cares about that. who cares about that? hillary clinton wants to go even further and her plan could cost the economy $5 trillion. a trump administration would lift restrictions on all sources .f american energy production according to the institute for american energy resources, this by morerease the gdp than $100 billion annually. add over 500,000 new jobs annually to increase annual
wages by more than $30 billion over the next seven years. increased federal, state, local tax revenues by almost $6 trillion over four decades. increase total economic activity trillion over a 40-year period. in addition, we will streamline the permitting process for all energy infrastructure projects, which are desperately needed, ofluding the billions dollars in projects held up by president obama currently being held up. he just won't approve anything. creating callis more jobs in the process. finally comes trade. the foundation for everything. america's annual trade deficit with the world is now almost $800 billion a year.
who's negotiating these deals? anybody in this room negotiating these wonderful deals? think of it. deficit ofe trade almost $800 billion a year. that's going to change so fast. between world war i and the year 2000, the united states averaged a 3.5% growth rate. but after china joined the world trade organization, our average growth rate has been reduced to only 2%. practices,rade product dumping, currency manipulation, which is a big one, and intellectual property theft have taken millions of jobs and trillions of dollars in ,ealth right out of our country right out of our country. so sad that we allowed this to happen. politicians were not watching and the ones that were watching were taken care of
in some form because this should have never been allowed to have happened. it is no great secret that many of the special interests funding my opponent's campaign are the same people profiting from these terrible trade deals. they are terrible. they are terrible for everyone. the same so-called experts advising hillary clinton are the same people who gave us nafta, china's entry into the trade world organization, the job killing trade deal with south korea, another disaster, and now the transpacific partnership that they are pushing so strongly. the verdict is in good all of the special interest that the media race to comment and just raced to commentate get comment get comment on, every single deal their primitive, every lie and every prediction has crashed.
it just crash. wronge been so absolutely and they've been so bad for our country. our manufacturing base has crumbled. communities have been hollowed out. wages have declined and households are making less today than they were in the year 2000. a detailed plan to reform our trade policies and bring vast new jobs and wealth to america. -- we do not have wealth. we are a debtor nation. this includes the following steps. i am going to direct the secretary of commerce to identify every violation of trade agreement that a foreign country is using to harm our workers.nd our that is what's happening. they are being harmed and our country is being harmed.
every tool under american and international law to end these abuses and i will use our greatest business leaders and finest negotiators -- and i will tell you, some of them are in this room right now -- not all of them, but some -- and, know who you are honestly, we are going to be calling on you because we have people negotiating the biggest deals in the world, far bigger than your company deals. little byny deals comparison to its true. you look at some of these trade deals, hate to say it, but your openings are peanuts. but we are going to use our best. right now, we have political hacks negotiating the biggest, most important deals in the world. we are going to start with nafta, which is causing so much damage to our country. entirely renegotiate
nafta into a deal that will either be a good one for us as a country and for our worker or we will terminate it until a brand-new and productive deal can be signed. [applause] to, we also and we have are going to keep america out of transpacific partnership unless we can do something that is phenomenal and i am not seeing it right now and i can tell you that. . am not seeing it ver i'm going to instruct my labor secretary to label china -- i like china. they are my tenant. they buy condos all the time. they are just fine. but you know what? they are a currency manipulator and we are going to apply tariffs to any country that
devalues its currency to gain an unfair advantage over the united states. they are a manipulator, grandmaster level. have beenllow it to and are people and our representatives and our politicians don't have even a little clue as to how to play the game. we have a trade deficit this year with china of approximately $500 billion. what kind of a deal is that? and this has been going on for years. 200 billion dollars, $300 billion, $400 billion -- for years. i'm going to instruct the united states trade representative to bring trade cases against china. china's unfair subsidy behavior is prohibitive by the terms of its entrance into the wto. and i intend to enforce the rules. and i'm sure we'll make a deal somewhere along the way. but they are not laying fairly
and our politicians don't understand how to play the game. [applause] it is china does not stop its illegal activities, including its theft of american trade secrets and intellectual properties, i will apply counter mailing duties until china ceases and assists. you know -- andy cysts -- ceases and thdesists. you know what that means. to the united states international trade commission, improved protection of america's internet -- just think of this -- improve protection of america's intellectual property in china would add 2 million jobs he year within the united states every single year. and we do nothing. we allow them to get away with
it. who can blame them and i don't blame them at all. if you can get away with it, they are going to get away with it. we are going to stop a outflow of jobs from our country and open a new highway of jobs back into our country. here's how the plan adds up. we are proposing a $4.4 trillion tax cut that will score as a $2.6 trillion under dynamic growth models, which is how taxes should be scored. [applause] this includes the child care plan that we announced the other day. our economic team has further growth-inducede savings from trade, energy and regulation reform wealth's -- will shave another $8.3 trillion off the remaining debt.
this money can all be saved through simple common sense reforms. save one penny of each federal dollars spent on nondefense and non-entitlement programs, we can save almost $1 trillion over the next decade. one penny. we could all do that. a trillion. again, this is spending that does not touch defense. build up ourve to military, which is so terribly depleted. and that does not touch entitlements. 3.5%r plan exceeds the 10-year growth average, then our jobs proposed will actually reduce and start really, .trongly reducing the deficit savings will become pounded by
the fact that people who are currently receiving unemployment or welfare will finally be able to find jobs. progrowth, most pro-jobs, profamily plan put forth perhaps in the history of our country. this is what our new future will look like. i'm going to lower your taxes very, very substantially. i'm going to get rid of massive amounts of unnecessary regulation. are inthese regulations your business and in your life. i'm going to unleash american energy. i'm going to repeal and replace obamacare. i'm going to appoint justices of the supreme court who will follow the constitution. [applause] i'm going to rebuild our depleted military and take care of our vets who are treated so badly. [applause]
cases, our vets are treated not nearly as well as people who come into our country illegally. we can't have that. i'm going to save your second amendment, which is under sees. i'm going to -- under seas. -- under siege. i'm going to end illegal immigration which is poisoning our youth. a tremendous problem. and yes, we will build the wall. the wall will be billed. in case you were worried about who was going to pay for it, mexico is going to pay for it. totally serious about that. mexico am a we look at the trade deficit with -- we have with mexico, it is massive. the wall is peanuts compared to what we are talking about. mexico will pay for the wall. and i'm going to renegotiate our disastrous trade deals, especially nafta, and we will only make great trade deals that
but the american worker first and put the american worker back to work. [applause] our iners -- our miners and are still workers. they're going back to work. ourill rebuild our roads, bridges, highways, airports, schools, hospitals. we will rebuild everything. american cars will travel the roads. american planes will soar the skies. an american ships will patrol the seas. american steel will send new sites -- new skyscrapers into the clouds. american hands will rebuild this nation. , harvestedn energy from american sources, will power this nation. hiredan workers will be to do the job. metall put new american
and new american steel into the spine of this country. jobs will return, incomes will rise, new factories will come rushing back to our shores. we will make america wealthy again. we will make america strong again. and we will make america great again. thank you very much. bless you. thank you. thank you very much. thank you. that was donald trump wrapping up his comments at the economic club of new york. among the headlines -- matt: i should point out that tom keene is on the other side.
we've got it covered. , the billionaire hedge fund manager made so much money on the downfall of this , is going tonomy be doing the questioning are starting out the questions here. there will be a q and a session. we will take all of it and give it to you as well. we have steve and michael mckee. some of the things we heard from donald trump -- were there any surprises? we heard a lot of the same things that we have heard. the wall that will be billed come attack scouts, childcare will now be tax-deductible. steve: not a lot of surprises. this summer, truck put out a load of his tax plan -- trump put out a lot of his tax plan on
his website. his team to get down. this is the second take. he kids to come doubt that's come out -- he gets to come out and says this is how we get to pay for and is in my room plan. this is trump's redo. on the nightly news, what will voters here? trump proposed a tax cut for you and he is going to pay for. now onto traffic and weather. matt: he says come as long as we have 4% gdp growth -- michael: then he goes back to the old republican shift. will increasethat growth and that will pay for the tax cut. no evidence that would actually work. oft: we had two decades prosperity after that started, right?
michael: no way we can get to 4% growth under current situations. scarlet: let's listen to the q and a. donald trump speaking with donald paulson. mr. trump: it is like they will have a revolution. and they start evaluating, and evaluating. they do also to things and they get back on track. i've had friends come to me that have been devastated, manufactures, great manufacturers, successful people, but they have become less and less successful because they can't beat the system. in this way, too, it is a rigged system. they are almost doing well and then there is a massive devaluation in china or other countries and there are plenty of other countries out there -- some are actually hurting china now. , when they have 7%, dropped to 7% or 8%, they consider it a disaster
and we are stuck at 1%. perhaps the real numbers 1%, but , and we try 2% to live with it. so we are going to unleash tremendous opportunity and we are bringing back the trillions of dollars that doesn't come into this country. that does really bring a lot of companies out. they want to get their money. they leave to get their money. so we will unleash a lot. we will unleash a lot with the regulations. surprised met most in going around -- because i've been everywhere. i have been working. this started on june 16. who knew this was going to happen, right? but it started on june 16 and it has been an amazing thing. but from a business standpoint, i speak to the biggest as this is in the world but i also speak to the small business people and the farmers.
if they had their choice between this massive tax cut from 35% down to 15% or regulation relief, they would take a most 100% regulation -- the regulations are a disaster. they are killing the farmers. they are killing the energy folks. they are killing the mines. has gotten so crazy and it has gone so excessive that they would take that over taxes. so we are going to another -- going to unleash tremendous number of jobs. fraud, abuse. with of the penny plan -- just a penny out of every dollar. i know you can do that very easily. but we have to appoint people to head these massive, massive agencies. if they were companies, they would be very large companies, some bigger than any other companies. penny, a penny off
the dollar and you do that for a number of years and all of a sudden really great things start to happen. we spend a to that, tremendous amount on military, which we are going to increase. we have no choice. but we also defend other countries. and those countries are not paying us nearly what they should be paying us. ,e are losing tremendous billions and billions of dollars on defending other people, some of them don't even appreciate the fact that we are defending them. and many of them don't pay us. they don't pay us. why? we don't ask. i'm sure, will, start to pay for defense, but it a a fantastic -- it is fantastic number. it is a very, very large -- it is a shocking number. i will just finish with saying this. respect for japan. but as you know, we defend
japan. we defend germany. we defend saudi arabia. we defend south korea. these are economic and he myths, but he myths -- economic behemoths, behemoths. doesn't mr. trump know that japan pays 50% of the cost of its defense? i say, oh, why don't they pay 100%? the numbers you are talking about our massive. ,hen you add it all together lighter things are going to happen. corporate tax rate, a cornerstone of your policy is the rate. secretary lew proposed a 28% rate. the u.k. is at 20%. ireland is at 12.5%.
how did you settle on 15% of the target for the u.s.? of that has tot do with the cutting because we are going to be cutting costs. i think we are going to unleash something that is going to be so amazing and a lot of it is competition. you look at ireland being the lowest. we are not the lowest, but we are getting down there. ofht now, we are the highest the world, certainly of the industrialized countries. and we said it from a competitive standpoint and we added to that and very importantly added to that the cost cutting. and there is tremendous fat. it's interesting, when all of us and so many in the room do this, when we buy companies, we like to buy companies that are poorly run, right, because we have so much room to cut. we don't want to buy a perfectly running machine where we can do too much. but we are not a perfectly running machine. we have two minutes waste, tremendous abuse. our military orders equipment
that is politically motivated because they will buy a comment that is not as good as they want. thethe claimant that generals want is better and less extensive. -- and the equipment that the generals want is so better and less six and said -- less expensive. we are going to make america great again. > now it's time for> martin feldstein who is on our board and chairman of the department of economics at harvard. part of the issue in reducing tax rates is being tacked on the deficit. proposesets would you to compensate for the reduced revenue. you mentioned in your speech that come over time, it can be revenue neutral. mr. trump: eventually with time, this is going to work out.
but the big thing with neutrality is the amount of business we generate, the fact that companies will no longer be living -- believing. you have to look at the companies -- i told you before that ford motor company, this is a massive amount of business. they are taking all smart -- all small cars and make them in mexico. it is devastating for michigan and areas of me that have to go through this. we are going to keep our are leaving us because our taxes are so high because they cannot bring their money back in. our companies are leaving us because of regulation. the regulation is so massive that our companies are leaving us. they are not going to be leaving anymore because they will have a better deal than where they are looking to go. coupling that with cutting costs, cutting budgetary
costs and lots of cost. there will be many costs that we will be cutting. and we will be enhanced by many things with the military and the defense of other countries, which a lot of people didn't even know. too many people even in this room until a study speaking i don't a year ago, think many people knew that we defend germany and japan. were defending south korea. saudi arabia as an example, saudi arabia we know, lots of wealth, lots of money. they don't pay us very much for what we do. and you could ask yourself how long would saudi arabia even be there if we weren't defending them? and i think we should defend them. we have to be compensated properly for that defense. i'm sure they will be thrilled to hear that. [laughter] >> one issue that came up was the potential for
default on the u.s. debt. the u.s. has a perfect credit history. is there any scenario you would consider defaulting on the u.s.? mr. trump: debt no -- on the u.s. debt? mr. trump: no. this isn't like building a real estate project in the market crashes and you have your shot at a bank. i love those days, you know? i love that. [laughter] somebody said i am one of the great in the world. i love buying bank debt. bank debt.tiating you can discount. we can do things. but the debt of this country is absolutely sacred, absolutely 100% sacred. you have to be. regarding regulation, you
said that we have too much regulation and that excess regulation impedes growth. what would be your strategy for reducing excessive regulation? mr. trump: i go back to the heads of the various groups, agencies, all of the different parcels of government. i would put in very top people to negotiate. honestly, we put political people and to negotiate. we put people they gave contributions, people that work the system, people that shouldn't be there. you cut 1%u say can off your budget, they look like this is impossible. whereas people in this room, because i know a couple of them are total killers -- i will call them out -- they hear one can getthey say, don, i it done in one year. i say take it easy, just relax. [laughter] but there are people in this
room who would say that so when you say 1% a year for 10 years, that's a massive difference emma 1% for 10 years. i would really have it done at the level of the group running what ever individual thing in government they are running and they will be able to do it if they have the right people. we don't have the right people. we have people who shouldn't be doing what they are doing. we have people under them who are far, far more confident than they are and they lose those -- those people lose respect for the system when they see what is coming in. tell you how strongly i believe this. the trade deals are so bad. nafta has destroyed this country. nafta has destroyed the manufacturing leg of this country.
days. he will do very well. we have the greatest negotiators in the world. we have to use -- when china enters the negotiation, they come in with 20 people that are the toughest, smartest, meanest -- they don't say good morning, is it a lovely day? isn't it wonderful how the yankees do last night? there's no talk. we get down to business, boom. no games. we get people in there who do not know what they are doing. ofs is why we have deficits $500 billion with one country. we rebuilt china. and i say that with respect with china. i have a great relationship with china. -- i haveto tell me many friends from china -- the biggest people, the richest people, they cannot believe what china gets away with. they say, we can believe it. i washen i announced that
running for president, they say, will we did not mean that. they did not know this was to happen. and the good old days, they used to say we don't believe. your government is stupid. but now they deny they ever said that. [applause] >> on staffing, how would you run a government to make it more effective? what would be your criteria in choosing the senior administrators. mr. trump: track record, great confidence, love of what they are doing, how they are getting along with people, references. no difference than when you're are running a company then when you hire top people. it would be no different.
you need people that are truly, truly capable. and so much has to do with past history. how they've done. how's it all worked out. you understand what i mean by that perhaps better than anybody. and we have to get the best people. we can no longer be so politically correct. we do things today -- we are so politically correct. people are so afraid to walk. they are afraid to talk. they can't speak. they are afraid that they will say the wrong word and they will be shunned from society. that's ok, it will only last about a week if that happens. not that bad. but we have to be -- but we don't have to be so politically correct. we need the finest. i'm not saying this because it's myself. this is the last time, this is going to be the last election we have a chance to make this country great again, to really make it wealthy again, make it strong again, make it all of the
things that we want to see. but i really believe this is the most important election that we have been involved in for many, many, many, many, many years, many decades. because it's going down. the supreme court justices i told you about before, i mean, if they put certain people onto the supreme court, our country is going to be a whole different country. we will be a large-scale version of venezuela. we will be a totally different deal. and this is the last chance come in my opinion, our country has to get better, to get well. and i just think this election is so important. because of theut ideas, the ideas that we have, the ideas and we need to do what we have to do. suchhat's why we're saying enthusiasm. we make a speech, john, and we have people showing up, 25 --
25,000 people show up and 30,000 people show up and we announce one day. we had one in pensacola the other. we had massive, tens of thousands of people. we announced a couple days before on twitter. we don't even take ads. people want to see great things happen to this country. people really love this country. the people of this country really love this country. even other countries want to see good things happen because it is so important. i just think this is going to be the most important election we've had for many, many decades. and i'm not sure we will get a second chance at it. [applause] jobs, whatd, on industries do you expect to benefit from your economic plan to create high-paying jobs going forward? mr. trump: i think h&r block
will be a disaster. [laughter] because we are simplifying -- how about people -- it's so complicated. you need 180 iq to understand it. and people are making frankly a small amount of money. they have to go on how their tax returns done by people. by the way, when they are done, you will have 10 different tax people and 10 different answers to the same person. the whole thing is crazy. so that will be one industry that wouldn't do well. but i think a most all industry -- i can tell you an industry that will do well and an industry we can use and i know prices aren't -- are low now, the energy industry. we have amazing people in that industry and they are just being decimated area -- decimated. there being absolutely decimated. we found out, because of the new technology, whether it's
tracking are many other things, we have more than just about anybody in the world. our land has turned out to be so valuable because of what's underneath. we have to be careful. we have to be environmentally sound. that's very important. but it's incredible you look at what's happened in the last five years. which be self-sufficient, we have to become otherwise we will be stuck in the middle east forever. we have to get out of that world. we have to knock out isis. i did not want to be in that war . but i wasn't a politician. nobody really cared. i didn't want to be in that war. everybody wanted to get out so quickly and not leave anybody behind. you see the atrocities they committed. yesterday, it was 22 or 24 people hung from racks of a slaughterhouse like a slaughterhouse. and then throats cut. this?, can you imagine
nobody has ever heard of things at this before. and then we talk about waterboarding. . it's an incredible thing. we are not playing on the same playing field. if you look at the atrocities committed just yesterday with the meat hooks, we have no choice but to totally decimate isis. we have to do it. we have to do it rapidly. [applause] and then we have to get back to rebuilding our country. we have to rebuild the infrastructure of our country. we have to rebuild our country because it is a mess. john: last question. if you would advise the fad, what would you advise them to do regarding interest-rate policy? mr. trump: as a real estate person, i always like low interest-rate, of course. you are going to have them until january 1 because obama wants to go -- he wants to play golf and he was to leave and he doesn't want to have any stock market
disruptions. i think the fed is being totally controlled politically. they are not raising rates. and they are being controlled politically. i think they are going to be low until -- i don't even know if they are going to have a raise. but they will be low until the end of the year. i don't think obama -- he wants to go out -- shouldn't be working this way. shouldn't be discussing it. i think it's a terrible thing that is happening because we are doing it for political -- i think the fed is very political. it's become very political, like many other groups in this country. beyond anything i ever thought possible. i think you're going to have low interest rates until the end of the year, maybe no increase at all. and the market will stay artificially high and then we will have to see what happens after that. but they are not doing the right job. with all of that being said, all my life, i like low interest rates.
can you imagine, because i'm doing this, i can't even take advantage of it, but that's ok. is become, in my opinion, the fed has become extremely political third. -- political. is a political decision or a right decision, they will go with the political decision every time. john: that concludes our far side chat once again. on behalf of myself and everyone here, -- matt: that w